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Justin Chong - Egg Harbor Township, New Jersey

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Debtor:

ᐅ Chong, Justin - Egg Harbor Township, New Jersey (Court Case:13-32849)

Bankruptcy filed - October 2013, discharged - January 2014
Justin Chong 
Court Case:   13-32849
Chapter: 7, A chapter 7
( ... gathers and sells the debtor's nonexempt assets and uses ...) §7
Filed: October 17, 2013
Discharged: January 22, 2014



A chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in chapter 13. Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code. Part of the debtor's property may be subject to liens and mortgages that pledge the property to other creditors. In addition, the Bankruptcy Code will allow the debtor to keep certain "exempt" property; but a trustee will liquidate the debtor's remaining assets. Accordingly, potential debtors should realize that the filing of a petition under chapter 7 may result in the loss of property.